Ways to Avoid Credit Card Fraud

While credit cards are a dream come true for many people, falling prey to a credit card fraud can be a serious issue. The banks will always alert you about the different types of frauds that might happen on the card. It is always better to know the different tips on how to avoid card fraud. 

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Some tips are :

• Security software: If you generally access your credit cards online, it is imperative to install security software on your computer. Whenever you visit any site, there might be a malicious website, which might just try to open. However, when you have security software, the site will be blocked by a firewall. This malicious site might just capture your credit card login details, which can be used for any fraudulent transaction.

• Notification to the card issuer: You should always update your latest information with the card issuer. The credit card issuer should have your residential and billing address and phone number. With the introduction of e-bills, it is very important to update your latest email address with the card issuer. If the wrong address is given, your credit card details might just fall into the wrong hands.

• Password and pin protection: With RBI’s regulation for the requirement of pin for all swipe transactions, fraudulent transactions on credit cards at the merchant’s place have dropped. However, you will still need to ensure that your passwords and pin numbers are strong enough. While it might be difficult to remember all of them, it is necessary for you to keep on changing them once every month. Always make long passwords with more than 8 characters. The longer the password, the more secure your credit card will be against fraud.

• Travel decisions: Always inform your bank about your travel plans. In case you are travelling to a foreign country, do let them know. This will ensure that you’re the credit card issuer knows about your whereabouts. Apart from this, they will not block any transaction on the card in case it is a huge amount. Banks block or confirm different foreign currency transactions to safeguard their customers from fraud.

• Receipts of your credit cards: There are many people who throw away their credit card receipts. However, you should store them with you so that you can verify it against your billing statement. If you see any unfamiliar transaction on the statement, you should contact your card issuer immediately to get it checked.

• Avoid phishing mails: No card issuer or bank will send emails to you asking for the credit card details. Hence, if you receive any such mail then delete it at once. These are phishing mails that scammers generally send to get the login details for your credit cards. Never click on any link that you do not recognize. Also, never sign in to any account that was sent to you through a link on email especially by an unknown source. If the link has come from someone you know then cross check with them before proceeding.

All the above tips can surely help you avoid credit cards fraud at all times. However, one of the best tips is to keep your eyes and ears open. Being cautious while handling your card is the best way to avoid any financial fraud.